U.S. Silica and Hi-Crush Benefit From Higher Volumes and Last-Mile Logistics Profits
Frac sand producers U.S. Silica and Hi-Crush reported strong second-quarter results. Volumes improved sequentially 16% for Hi-Crush and 7% for U.S. Silica, as the former benefited from the resolution of disruptive rail issues and the latter benefited from the ramp-up of its Permian-based mines. Gross margin per ton also improved slightly for both companies, with Hi-Crush improving to $31 per ton from $29 and U.S. Silica to $33 per ton from $31. Our fair value estimates and no-moat ratings for th...U.S. Silica Holdings is a holding company. Through its subsidiaries, the company is a performance materials company and a producer of commercial silica used in industrial applications and in the oil and gas industry. The company is also engaged in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. The company's segments include: Oil and Gas Proppants, which serves the oil and gas recovery market by providing and delivering fracturing sand; and Industrial and Specialty Products, which provides products and materials for building and construction products, fillers and extenders, filtration, glassmaking, absorbents, foundry, and sports and recreation.
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